Greek Prime Minister Antonis Samaras, left, welcomes Jean Claude Junker, Prime Minister, of Luxembourg and President of Eurogroup prior their meeting in Athens, on Wendesday, Aug. 22, 2012. Greece needs more time to implement tough financial reforms and spending cuts, Prime Minister Antonis Samaras says as he starts the first of a series of top-level European meetings to discuss his debt-ridden country's international bailout.
NICOSIA, Cyprus — Key participants in Europe's debt crisis are gathering in Cyprus to discuss the latest developments in Spain and Greece and the impact of the European Central Bank's plan to protect the euro.
For the first time in a while, finance ministers of the 17 euro countries gather Friday in a period of relative calm. Though the ECB's offer to buy short-term bonds of countries that ask for help has eased the pressure on markets and governments in Spain and Italy, the meeting still has much to discuss.
Greece's struggle to stick to its bailout commitments and Spain's deliberations on whether to tap the ECB offering will likely feature on the agenda.
ECB president Mario Draghi and International Monetary Fund head Christine Lagarde are also due to attend.